How can I maximize a 401(k) I started later in my career?

I am 66 years old and I started a 401(k) last year. My annual salary is $51,000 a year, and my employee matches up to 6% of my salary (fifty cents on every dollar). I have 20% of my salary going to the 401(k). I am planning on retiring when I am 72 years old. What can I do to maximize and get the most out of my 401(k) or should I change to a Roth 401(k)? I don't understand some the verbiage of the 401(k) plans. What is the best plan for me and my savings over the next six years before I retire? I am about to collect full Social Security in August 2017.

Financial Planning, Retirement Savings, 401(k)
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May 2017
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Behind the Eight-Ball.  Maximizing your 401(k) at this stage will be tough, but there are mechanisms you can and should engage in.  Starting this late in your life makes Compound Interest (which Einstein called the 'Eighth Wonder of the World') less effective.  However, you still have your company match, and that is likely going to be the most beneficial part of your 401(k) plan.  Put as much into your 401(k) as you can but certainly consider putting in the amount that allows you to take full advantage of your company match (sounds like you already are - excellent).  Now - let's talk about your Social Security claiming strategy.  Your Social Security is likely a much more important part of your question and comment above.  Sounds like you are going to have limited means when you retire and my suggestion about claiming your Social Security Benefits (SSB) in August is simple - DON'T.  Don't claim your SSB this early.  Obviously, there are extenuating circumstances that might make cause you to need that money today, but your SSB is going to be an incredibly large part of your retirement income.  Allowing your SSB to continue to compound over the next several years while earning 'Late Retirement Credits' through Social Security, will provide you with more income when you finally retire (the amount you will earn from Social Security will continue to increase until you are 70).  Consider the fact that you're currently earning an income from your employer and your income will also cause your Social Security Benefits to be taxed at a higher rate suggests that you should wait to claim your SSB's until you are much closer to retirement (possibly as late as 70).  

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